A major new investment from billionaire Michael Bloomberg is helping expand educational access for Black students through a partnership that brings K–12 learning directly to the campuses of Historically Black Colleges and Universities (HBCU).

Bloomberg Philanthropies, together with the national education organization City Fund, has committed $20 million ($10 million each) to support public charter schools and connect students with early college opportunities at nearby HBCUs, according to a press release. The United Negro College Fund (UNCF) will be a key partner in the effort.

Forbes notes that the new funding supports two schools in Alabama’s Black Belt region, an area historically underserved in public education. The first is the D.C. Wolfe Charter School in Shorter, a redevelopment of the former D.C. Wolfe Elementary School that is expected to open in fall 2026, just minutes from Tuskegee University. The second, I Dream Big Academy, opened in August 2025 on the campus of Stillman College, located in Tuscaloosa.

Students at both schools will gain exposure to college-level experiences, including dual-enrollment courses, university faculty engagement, and community-based internships to help build academic readiness long before graduation, notes Forbes.

“There are two schools that have been announced, and there are a few more in the pipeline that we’re really excited about,” Jasmine Jenkins, senior program officer for education and advocacy at Bloomberg Philanthropies, told Forbes.

“This is a continuation of the work that Mike Bloomberg and Bloomberg Philanthropies has been doing for over a decade — supporting high-quality public charter schools and supporting the work that historically Black colleges and universities have been doing for decades,” she added.

In 2022, Bloomberg Philanthropies donated $10 million to UNCF to help start new charter school programs serving Black students, according to the Atlanta Journal-Constitution.

In 2024, the former New York City mayor made a $600 million donation benefiting medical schools at four HBCUs, as CNN previously reported.

The announcement of Bloomberg Philanthropies’ recent $10 million gift comes during a significant wave of philanthropic investments in HBCUs. Over the past several months, historically Black institutions have received more than $800 million in new funding, notes Forbes. This includes major unrestricted gifts from writer MacKenzie Scott in the amounts of $80 million to Howard University, $63 million to Morgan State University, $38 million to Spelman College, and $19 million to Dillard University, as AFROTECH™ previously reported, as well as a $50 million commitment from businessman Arthur Blank, per Forbes. Bloomberg has been a consistent supporter as well, as the outlet notes, previously pledging $100 million to reduce medical school debt at four HBCUs.

HBCUs continue to play an essential role in developing Black professionals. A 2024 White House fact sheet reports that HBCUs produce 40% of Black engineers, 50% of Black teachers, 70% of Black doctors and dentists, and 80% of Black judges. According to Forbes, supporters of the new Alabama initiative say giving students hands-on access to HBCU environments earlier could further strengthen those career pipelines.

Because Alabama did not pass public charter legislation until 2015, as the outlet notes, the expansion of high-quality charter schools is expected to have a particular impact in the state. Many counties in the Black Belt face high poverty rates and limited access to advanced educational programs, prompting local calls for more diverse school options.

At Stillman College, the presence of I Dream Big Academy is already making a difference, according to Stillman President Yolanda Page.

“Middle school students have access to field and faculty experiences on campus, and when they reach ninth grade, they’ll be able to enroll in dual-enrollment courses at Stillman,” Page told Forbes. “This puts them on the path to their degree earlier than they had anticipated.”

Stillman, which has roughly 745 students enrolled and is targeting 1,000 by 2030, per the outlet, is focusing on building lasting connections with local youth as a key part of its recruitment strategy.